He said providing access to finance and leasing will unlock investment into the country’s economy.
VP Boakai made the observation Tuesday when he officially opened the forum on leasing, access to finance and economic growth in Liberia at a local hotel in Sinkor, outside Monrovia.
He emphasized the need for Liberians to be able to envision small businesses functioning as a network of waterways that are both a source of innovation, job creation and a channel through which advantages will flow through to the rest of the economy.
The new program seeks to lease agriculture, construction and mining equipment to MSMEs to build their capacity as they are the single largest job provider in the country.
The leasing investment forum in Liberia is an initiative of the World Bank Group’s Africa Leasing Facility II program.
Since its launch in 2008, the Africa Leasing Facility Program has contributed to the drafting of 24 leasing laws and has trained 20,000 MSMEs on leasing.
According to statistics, Small and Medium Enterprises provide over 80 percent jobs globally.
“As I gladly applaud these novel experiment in collaboration between public and private sector to confront some of our challenges of accessibility of capital to our baseline business, led us urge you to give this session the deepest of focus,” he charged representatives of MSMEs attending Tuesday’s program.
Vice President Boakai hoped that discussions at the forum will unlock any mysteries lurking around as it relates to financing and lay bare workable and scientific avenues to surmount the problem.
Meanwhile, VP Boakai has alarmed that no amount of implementation will impact the nation’s economy in the absence of good roads across the country.
He said for investment to be enhanced, the country must endeavor to build roads, provide the needed electricity required by industries as well as investors.
In brief remarks, International Finance Corporation (IFC) Country Manager, Cassandra Colbert, described access to finance as key to the development of the private sector in Liberia.
According to her, leasing is a tool that will provide real solution for small businesses and entrepreneurs throughout Liberia, adding, “It will allow them to access the capital they need in order for their businesses to grow."
“I am optimistic that this event will help raise the profile of leasing and will encourage investment in the private sector in Liberia," she added.